The operative word: China.
In 1994, China was a very small player in the world economy including NAFTA. After it’s accession to the WTO, it has managed to gain huge manufacturing surpluses both in the USA and Mexico. It has eaten up both US exports to Mexico and Mexican exports to the US in very surprising and significant fields such as fibers, steel, electronic inputs, etc.
Here’s a very convincing case (by Quartz Magazine) for renegotiations being a win-win situation for the NAFTA partners.
So, above the noise and confusion of the wall issue, be aware of the signal coming out of the current renegotiation talks occurring in Mexico City to be ended March 5th., 2018.
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